Further incriminating evidence against Bermuda Stock Exchange-listed Mezzanine Capital, Lines Overseas Management has sophisticated computer software system installed, Marc M. Harris and his Panama bodyguards, 'The Invisible Investor' book provides a plethora of unintentional laughs, Nigerian fraudsters appears in Cayman Islands court, Florida-based scam seeks to take advantage of bona fide firms like Lloyd's Bank and Barclays Bank, Members of Cayman Islands Legislative Assembly shelve plans to award themselves huge pay increases.
A Bermuda Stock Exchange-listed company whose minority shareholders include subsidiaries of the Bank of Bermuda and financial services firm Lines Overseas Management is caught up in what appears to be a scheme to defraud investors on the NASDAQ over-the-counter market, Offshore Alert can disclose. We have uncovered an astonishing list of proven abuses and allegations of fraud and dishonesty against individuals and companies associated with Bermuda-registered investment holding company Mezzanine Capital Ltd., including its Chairman and President, Eric Chess Bronk, although we have found nothing to incriminate LOM or the Bank of Bermuda.
Lines Overseas Management is standing by its Cayman-based salesman Scott Oliver despite the fact that a bank he is linked with is part of a major fraud and is operating illegally from Bermuda, where LOM is headquartered. LOM has decided not to fire him even though, five months after Offshore Alert caught him claiming in LOM marketing material to be 'an advisor to the International Exchange Bank of Bermuda', we have found that such a bank has indeed been operating illegally on the island.
An interesting column was published in the Turks & Caicos Islands Free Press on November 26 in which Opposition MP Norman Saunders argued that the government must statutorily hold a General Election by February 17, 1999 when it would have ruled for precisely four years; Still in the Turks & Caicos Islands, where the strangest things often happen. New Chief Justice Richard Ground halted the trial of a man charged with two counts of possession of cannabis and possession with intent to supply after two jurors were seen getting into the same taxi as the defendant and the defendant's main witness following the end of the first day of the trial; Nowhere does a country's politicians have a more one-sided or forgiving relationship with God than in the Cayman Islands; The Cayman government has spent considerable amounts of tax-payers' money to take out a court injunction against the local Caymanian Compass newspaper to prevent those same taxpayers from seeing all or part of the monopoly agreement the government has with the much-reviled telecommunications carrier Cable & Wireless; As regular readers of this newsletter should be aware, we recently caught Lines Overseas Management salesman Scott Oliver lying to potential clients about his credentials by claiming he was on the board of advisors of the International Exchange Bank of Bermuda, which does not exist; and Grant Gibbons, who was Bermuda's Finance Minister until the UBP lost the General Election on November 9, has been appointed a founding director of a newly-formed holding company that intends to raise $1 billion for a life and annuity reinsurer.
As regular readers of this newsletter should be aware, we recently caught Lines Overseas Management salesman Scott Oliver lying to potential clients about his credentials by claiming he was on the board of advisors of the International Exchange Bank of Bermuda, which does not exist. After being exposed, Oliver sent out e-mails to associates in which he claimed that "this bank was not registered in Bermuda as initially discussed but instead was registered in another British Commonwealth offshore jurisdiction". He also declared that he was no longer an advisor to the 'bank'.
OffshoreAlert has uncovered more evidence that casts a negative light over the claims of investment success of James Dale Davidson, whose business interests in Bermuda include Lines Overseas Management and Strategic Advisors Overseas.
Investment adviser James Dale Davidson, an American businessman with extensive offshore interests who featured prominently in last month's expose of investment clubs run by Baltimore-based Agora Publishing, was taken aback recently when a subscriber to Agora's newsletter Strategic Investment posted the following message on its web-site: "I have been an eager reader of your insightful speculations about the world and its rapid devolution from nation-state boundaries. I am thus perplexed by the witless investment advice promoted as 'intelligence' within these hallowed halls of the privileged and elitely 'connected' 'sources'."
An investment officer with Lines Overseas Management (Cayman) Limited has been caught misleading potential clients about his credentials by claiming in promotional literature that he sits on the board of advisors of a Bermuda bank that does not exist, we can reveal. At the centre of the controversy is Scott Oliver, a Scotsman who describes himself as an 'offshore financial strategist' for LOM, working from the company's offices in Buckingham Square, West Bay Road, Grand Cayman.
Fancy making an annual 100 per cent return on your investment with minimum risk? Or how about receiving immunity against cancer, diabetes and senility? It might sound too ridiculous for words - and of course it is - but people are actually falling for this promotional spiel put out by two private investment clubs run by Baltimore-based Agora Publishing, which has close business ties to Lines Overseas Management, a Bermuda-based financial services firm, and also Lord William Rees-Mogg, former editor of The Times newspaper of London.
We devote a large portion of this month's Insider Talking to Lines Overseas Management, which is based in Bermuda and also has offices in the Cayman Islands and Guernsey, including a letter from one of the company's Cayman-based financial advisors that makes inaccurate claims and promotes illegal activity; We end this segment on LOM by revealing the contents of a letter written this month to a potential US client by Joe P. Montgomery, a financial advisor with LOM (Cayman), whose services as advertised by Montgomery would appear to be a money launderer's dream; The frequency with which Robert Pires, owner of stock broker/financial adviser Bermuda Investment Advisory Services, and members of his staff fall out, leading to staff departures, continues to occur at an alarming rate; We have reported in the past about John Deuss' courting of the Progressive Labour Party in the run up to this year's General Election; a relationship that has involved wining and dining PLP leader Jennifer Smith on his luxury schooner and paying off the mortgage of the PLP's party headquarters; The first of two lawsuits that are being brought against Cayman Minister of Land John McLean is due to be filed at the Grand Court of the Cayman Islands during September, not August, as we had previously expected; and The government of Nevis narrowly failed to take the island independent in a referendum held on August 10.
The Sagacity Futures Fund is being liquidated 14 months after launch following heavy losses incurred by the fall of the US dollar to record lows against the Japanese Yen during March.Sagacity, which was managed by former Bank of Bermuda chief economist Allan Marshall and sold by Lines Overseas Management, was a high risk fund that took leveraged positions in financial futures and related options traded on the world's major futures exchanges.